Ep 260: Good Governance & Prosperity, with Joel Bomgar

Today entrepreneur, Mississippi State Rep, and founder of the Bomgar corporation (now called BeyondTrust) Joel Bomgar discusses Prospera – a consulting firm establishing sustainable and profitable economic hubs in Honduras. Joel shows how good governance can be linked to prosperity, and why even liberty-minded people should not be scared of the word “governance.”

Sadly, good governance is hard to come by in the world, yet governments are the largest industry. They are paid by millions of people to protect property, rights, and provide economic and social services; however, very few do so. Prospera seeks to work with the government to create an economically-autonomous zone, while remaining in a civilization and all of its perks. The development is basically a living space within a state for freedom-loving people to participate in a freer society – both legally and economically.

Innovation largely requires freedom within the confines of the state. As Joel points out, what Prospera wants to do is almost impossible in the United States due to its legislative landscape. Between regulations and taxes, it is extremely hard for social entrepreneurs to create such economic zones, but Honduras proved to be a more friendly environment. We also discuss “e-residency,” and what that means for people seeking to lessen their tax burden. Amazingly, Prospera enjoys the smallest tax burden in the world due to its innovative regulatory framework and social contract. Prospera accepts crypto-currencies, as well as fiat currencies; and residents even become shareholders of the development when they join.

Communities like Prospera challenge the status quo that has been established by the state. These communities show how humans can cohabitate in a free and voluntary manner, while enjoying economic prosperity. Currently, the cities of the world are not meeting the expectations of their inhabitants, so, as citizens of the world we should use our feet to cause the state to change for the better by joining developments such as Prospera.

• If you are interested in such a living situation, check out Prospera – which has already begun taking residents.
• The video version of this week’s podcast.